EAC member states urged to facilitate growth of MSMEs in region

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Member states of the East African Community (EAC), a regional bloc, have been urged to devise mechanisms to support the inclusive and sustainable growth of the micro, small and medium enterprises (MSMEs) in the region.

A statement released by the EAC Saturday said the appeal was made Friday by Burundi’s Minister of Trade, Transport, Industry and Tourism Marie-Chantal Nijimbere when she officially closed the 23rd EAC MSMEs Trade Fair that ran from Dec. 5-15 in Bujumbura, Burundi.

The Burundian official said such mechanisms include establishing a transparent regulatory framework, piloting and scaling up micro-credit and loan guarantee solutions, and facilitating universal access to information and communications technologies and other basic infrastructure to enable MSMEs to close information and technological gaps.

Noting that MSMEs significantly contribute to economic growth and sustainable development worldwide, she said globally MSMEs represent about 90 percent of businesses, and more than 50 percent of employment worldwide, contributing up to 40 percent of national income in emerging economies.

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